 Economic growth and risk - a critical review of the postwar Japanese economyYasumi Matsumoto Global Business and Economics Review, 2013, vol. 15, issue 1, 1-13 Abstract: In this paper, I critically review the history of Japanese economic growth and the depression after World War 2 based on a recognition induced from Arrow's impossibility theorem such that pursuit of economic efficiency inevitably loses elasticity of society against the change of environment. Although any change of environment, especially a decisive one like the Great East Japan earthquake of March 11, 2011, was caused not only by natural phenomena but also by human, economic and social factors, etc., I try to investigate the logical reasoning between an economic structure historically created by economic policies and inevitable social problems caused by them. As a conclusion, the comprehensive economic policy of development of resource-economising technology and export-oriented policy employed just after the war seems to be a decisive cause of present long continuing depression in Japan because the policy was too successful in the economic development of post-war Japan. Keywords: postwar Japanese economy; long depression; economic efficiency; elasticity of society; resource economising technology; export oriented policy; Japan; exports; economic growth; risk; economic policy; economic development. (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:ids:gbusec:v:15:y:2013:i:1:p:1-13 Access Statistics for this article More articles in Global Business and Economics Review from Inderscience Enterprises Ltd |
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